What PM Modi said on India-US trade deal in his Rajya Sabha address
The PM underscored that India today has emerged as a trusted partner of several countries as it is playing its role in a manner that contributes to global welfare.
The PM underscored that India today has emerged as a trusted partner of several countries as it is playing its role in a manner that contributes to global welfare.
“The goal should be mutual growth anchored in quality, transparency, and patient safety under a MRA (mutual recognition agreement) based on common ISO standards,” Nath said.
Designed as a modern, rules-based trade partnership, the FTA responds to contemporary global challenges while enabling deeper market integration between the world’s 4th and 2nd largest economies.
BJP has described the deal as “historic step”, highlighting its potential to create opportunities for 200 crore people in India and Europe—nations with one fourth of the GDP and affecting the economy of the entire world
The India-EU FTA covers trade in goods and services, rules of origin, customs and trade facilitation, trade remedies, and emerging areas such as digital trade and MSMEs.
The Australia-India Economic Cooperation and Trade Agreement (ECTA) is a great opportunity for Australian businesses as it will open up new markets to reach around 1.4 billion consumers in the world’s fastest-growing major economy.
RCEP is relevant as Washington is gradually losing its economic ground in the Asia-Pacific region following its withdrawal from the Trans-Pacific Partnership (TPP) in 2017. The TPP was devised during President Barack Obama’s administration to counter China’s growing economic clout in the region. The
Earlier in the year, the Trump administration had signed a mega phase one deal with China, after intense negotiations between the two countries.
Wells told reporters during a conference call that India needs to open up as it is still a protected market, which sometimes denies a level playing field to foreign companies.
The pandemic has affected the world trade and the US-China trade deal remains doubtful under such circumstances.
